Who gets your super?
Super, unlike your other assets, does not automatically form part of your estate. That’s why we need you to tell us who gets your super when you die. It’s not something we like to think about, but it’s your money so please make sure your wishes are known to us. If you don’t nominate your beneficiaries, it’s left up to the Trustee to decide how your death benefit should be distributed.
Generally speaking, your death benefit can only be paid to your dependants or your personal legal representative (to form part of your estate). Under super law a ‘dependant’ is:
- your spouse (including an opposite or same-sex de facto partner)
- your children
- anyone who is financially dependent on you; and
- anyone with whom you share an interdependency relationship.
What are the types of nominations you can make?
You have two options for nominating your beneficiaries:
- Binding beneficiary nomination
- Non-binding beneficiary nomination
If you have a Working Income Support Pension or Allocated Pension, you also can make a reversionary nomination.
With a binding nomination you decide who gets your death benefit. It gives you peace of mind knowing that, when you die, your super will be distributed according to your wishes, as long as your nominated beneficiaries are dependants and the nomination is valid at the time of your death.
A binding nomination is only valid for three years – so it’s important you update it at least every three years or when your circumstances change. A binding nomination will become invalid and non-binding on the Trustee if you marry or divorce, enter into or end a de facto relationship.
To make or update a binding nomination, complete the Binding Beneficiary Nomination form.
A non-binding nomination tells us who your preferred beneficiaries are. However, it is not binding on the Trustee. This means it is ultimately up to the Trustee to decide who gets your death benefit, taking into consideration your nominated dependants as well as your personal circumstances at the time of your death.
A reversionary nomination can be made by Working Income Support Pension and Allocated Pension members only. It identifies the person who will receive the remainder of your pension when you die. You nominate your reversionary beneficiary at the time of applying for your pension, but you can change this nomination later on if you wish.
To update your reversionary nomination, complete the Change of Reversionary Beneficiary form.